Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Offer Opening Public Announcement under Regulation 18(7) of Securities and Exchange Board of India ....
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Mark Corporate Advisors, the manager to the offer, has submitted the Offer Opening Public Announcement for the open offer to acquire up to 34,00,000 equity shares (29.82% of voting capital) of Source Industries (India) Limited at ₹4.50 per share, aggregating to ₹1.53 crore in cash. The acquirers are Sudhir Reddy Posireddy, Naraharisetty Mohan Krishna, Swathi Ramreddy, and Arka Defence Private Limited, who already collectively hold 24.41% (27,83,271 shares) in the company. Upon completion, the acquirers will become the new promoters and the existing promoters will be reclassified as public shareholders. The tendering period runs from April 15, 2025 to April 29, 2025, with payment expected by May 15, 2025. The Independent Directors Committee (IDC) has recommended the offer as fair and reasonable, and there was no competitive bid.
Public shareholders can tender their shares at ₹4.50 per share during the April 15-29, 2025 window. The offer signals a change of control at Source Industries, with new promoters taking over and old promoters being reclassified as public shareholders, which could affect stock liquidity and promoter-driven decision making going forward.